Money Geek thoroughly researched car insurance prices in its study, investigating the impact of six major factors: age, vehicle type, driver’s record, credit score, state, and provider. The company you sign up with turned out to have the most significant influence.
The results of Money Geek’s car insurance research
To compare factors, Money Geek analyzed over 400,000 car insurance quotes, comparing prices based on the factors listed above. Each one had a serious effect on premiums.
State of residence and credit score, which drivers have control over but don’t necessarily affect driving performance, also changed rates considerably.
But the study also pointed to things drivers could do to lower their premiums. Avoiding tickets and accidents also made a big impact on insurance rates. And shopping around had the greatest potential for changing prices for the better.
The results of Money Geek’s survey
To get an idea of how drivers perceive car insurance rates, Money Geek surveyed over 1,000 consumers and asked them to rate nine factors from most to least influential.
Most people believed that having an accident affected prices the most, when in fact, according to Money Geek’s research, it was fifth on the list.
Based on the survey, drivers had a pretty good idea of the effect of age and vehicle type on car insurance, but they significantly underrated the influence of credit scores and insurance providers.
Where to shop for car insurance quotes
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Once you download Jerry, just answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan. Jerry customers save an average of $879 a year.